Wetterau Associates, a St Louis MO-based investment group, has agreed to purchase a 50.3% stake in Golden State Foods (GSF) formerly held by its five-year business partner, The Yucaipa Companies.
California-based GSF is one of the top 10 foodservice distributors and processors in the United States and one of the largest service providers to McDonald's restaurants. Wetterau is led by Mark Wetterau, chief executive officer of GSF.
"This buyout will result in GSF becoming a 100% management-owned and run businessÑa long-term dream of ours," said Wetterau.
Wetterau Associates and The Yucaipa Companies acquired GSF in 1998, with Yucaipa as the majority stakeholder.
Founded in 1947 in the Los Angeles area as a small meat company providing products to area restaurants and hotels, GSF teamed with the fledgling McDonald's Corp in the 1950s and grew into major player in the food processing and distribution industries. Today GSF is a diversified $2 billion corporation with approximately 2,400 employees worldwide.